The move was reminiscent of "Reganomics," reports Frank Homes for Forbes. The "supply-side structural reform" proposed by President Xi Jinping is a reminder of the policies of the United States and the United Kingdom in the 1980s, a "boom in entrepreneurship and innovation." The changes will help foster the growing middle class in China, says Homes, and are examples for other developing economies.

"It's a shame that Argentina, Colombia, Brazil and many other resource-rich countries in South America can't move more quickly to eliminate the roadblocks that stand in the way of growth and prosperity," said Homes.

The cuts are aimed to curb overcapacity in what is being described as "zombie companies" that are being kept alive on bank lending despite bleeding revenue. The president has also proposed tax cuts, deregulation and reductions in state spending--all hallmarks of Reaganomics.

Overall GDP growth projections are also covered. Time ponders, "Can the very people who profit most from China's nexus of business and politics be losing confidence in the nation's economy?" The projected 6.5-7 percent GDP growth rate for 2016 may be inflated, the magazine warns, and some economists worry that efforts to meet even that target will undercut motivation to carry out badly needed reform.

Much was made of Moody's cuts to China's economic outlook as the NPC kicked off. Analysts at the economic ratings firm rated the country's government debt as "negative," down from "stable," citing uncertainty over the government's ability to combat rising debt and falling reserves. The institution retained China's Aa3 rating, however, saying sizeable reserves give the country time it needs to gradually correct economic imbalances.

Xinhua News Agency blasted the Moody's report as lacking factual support and that it may reflect double standards when assessing developing and developed economies. China's deficit relative to its GDP is below 3 percent and its debt-to-GDP ratio is also far below the 60-percent threshold, Xinhua editors said in a commentary. China's high savings rates, Forex reserves and limited foreign debt will help shield the country from financial crisis.

The author is a contributing writer to Beijing Review, living in New York City